My Startup: StorkCard
StorkCard is the world’s first FinTech app designed to help new parents budget and prepare for the financial shock of having a baby.
Co-founders Bruce Pannaman and Andres Korin met at a networking event and discovered they both shared a passion for the same issue – the excessive cost of having a child and the expenses attached. StorkCard was born.
They built an app and dedicated debit card account to give mums and dads the financial guidance they need to manage their costs. The company use artificial intelligence to create a personalised spending plan that predicts the costs for clothing, feeding, sleep, play and travel over the baby’s first 12 months.
Founders: Bruce Pannaman and Andres Korin
Founded: September 2018
We spoke to Bruce to find out more...
Why did you start StorkCard?
One very simple reason - we started StorkCard to help parents navigate the costly adventure of raising a family.
Before having kids, Andres (CEO and co-founder) and his wife considered themselves pretty financially savvy people. That all changed when they had their first child. It was amazing, but overwhelming. The mix of emotions (elation, exhaustion, love, concern and others) clouded their ability to plan for the costs around the corner.
In the UK, Parents spend a combined £120 billion per year on raising children. With childcare costs increasing 3x faster than wages, more and more families are struggling. This financial burden has had a disproportionate and unfair impact on working mothers and their careers.
Our mission is to promote the financial health of families and improve the economic empowerment of mothers.
Tell us more about the company?
In contrast to other personal finance apps and digital banks, StorkCard specifically focuses on solving the unique financial challenges of parenthood. Our innovative use of data gives parents the knowledge and foresight they need to thrive, both now and over the coming months and years.
More specifically, StorkCard is a new joint account that uses artificial intelligence and the power of community to help parents baby-proof their savings. It anticipates child-related costs far in advance and recommends the best solution based on the needs and preferences of the family, making it easier for parents to coordinate child-related spending amongst themselves and with others who look after their child.
Parents can add family, friends or other childcare providers as joint account users, known as “helpers”, and offer them their own card to cover childcare costs. Parents as account holders always have the ultimate control over who can access the account and can monitor all transactions.
We refer to the saying “it takes a village to raise a child”, and StorkCard helps parents tap into the power of their own personal village.
What exciting updates have happened recently?
Following on from the successful launch of our baby budgeting app in September, we have recently launched the joint current account offering. It’s really exciting times.
We have also added a number of retailers to our cashback programme with more being added each week, such as Mamas & Papas, Baby Bjorn and Mama Bamboo Nappies to name a few.
We hope this will help our users manage the expensive festive period.
What are your aims for the next year?
Our primary focus will be rolling out StorkCard across the UK and building partnerships with retailers and parenting organisations.
Early user testing has been incredible, and as we gather more and more feedback, we have been improving the product at breakneck speed. That said, we are always looking to refine the product even further.
We ultimately want StorkCard to become the #1 trusted resource for families looking to improve their financial health - helping them save effectively, borrow responsibly, protect themselves with insurance and invest for the future. So watch this space!
What’s been the hardest thing about getting StorkCard off the ground?
Regulation and compliance tend to take more time than you would expect. This impacted us in ways we didn’t anticipate. As much as these things are important to protect consumers, they take time away from what we love doing - working out innovative ways to help parents financially.
Now that we have our FCA licence, we are concentrating 100% on our product to ensure it can help as many parents as possible!
Why should more people be using StorkCard?
When your baby arrives, it is a wonderful time. But it can also be incredibly stressful, particularly with regards to money issues so we believe that parents need as much of a helping hand as possible.
The number of parents using separate bank accounts is increasing; however, this concept becomes complicated once you have a child. StorkCard makes it easy for parents to cooperate, plan ahead of time and ease their financial worries.
How much will it cost customers to use and why is it worth it?
StorkCard is free to download and use for parents in the UK. We do not charge any card fees, and it is quick and easy to sign up. We invite all new parents to download StorkCard to get the peace of mind they need to focus on the joys of having children, not the costs.